A lawsuit was filed for investors in shares of CDI Corp. (NYSE:CDI) in connection with the proposed takeover and NYSE:CDI stockholders should contact the Shareholders Foundation.
San Diego, CA -- (SBWIRE) -- 09/01/2017 -- The Shareholders Foundation announces that an investor, who currently holds shares of CDI Corp. (NYSE:CDI), filed a lawsuit in effort to halt the proposed takeover of CDI Corp. by AE Industrial Partners, LLC is.
Investors who purchased shares of CDI Corp. (NYSE:CDI) and currently hold any of those NYSE:CDI shares have certain options and should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call 858-779-1554.
The plaintiff alleges that the defendants breached their fiduciary duties owed to NYSE:CDI stockholders by agreeing to sell CDI Corp. cheaply via an unfair process to AE Industrial Partners, LLC.
On July 31, 2017, CDI Corp. (NYSE:CDI) announced that it has entered into an agreement to be acquired by affiliates of AE Industrial Partners, LLC. Pursuant to the agreement, AE Industrial Partners, LLC will acquire all of the outstanding shares of the Company's common stock for $8.25 per share in an all-cash tender offer and follow-on merger. The agreement was unanimously approved by the Company's Board of Directors following a review of strategic alternatives that the Company announced in March 2017.
However, plaintiff claims that the proposed consideration NYSE:CDI shareholders will receive is grossly inadequate and undervalues CDI Corp. In addition, the plaintiff alleges that the process is also unfair NASDAQ:WFBI stockholders. Indeed, certain shareholders representing 26% of shares outstanding have already entered into tender and support agreements. Furthermore, the plaintiff alleges that the defendants agreed to preclusive deal protection devices, such as a no solicitation, a matching rights, and a termination fee provision, that prevent other bidders from making a superior offer for CDI Corp.
Those who are current investors in CDI Corp. (NYSE:CDI) shares have certain options and should contact the Shareholders Foundation.
Contact:
Shareholders Foundation, Inc.
Michael Daniels
3111 Camino Del Rio North - Suite 423
92108 San Diego
Phone: +1-(858)-779-1554
Fax: +1-(858)-605-5739
mail@shareholdersfoundation.com